In the nation of Australia, owners of electric vehicles are in a panic. The price of used electric cars has precipitously dropped in recent days. In a recent report by Daily Mail United Kingdom, owners of new Teslas have suffered a major $5,000 loss in the worth of their cars in the period of time that has passed since electric vehicle manufacturers have reduced the price of purchasing these vehicles. One individual recently purchased a Tesla Model Y for $60,900. Within two weeks of his purchase, however, the price had been reduced for new ownership to $55,900. This change has been alarming to many, and the resale of electric vehicles and of Teslas in general is expected to be questionable at best. The prices of Teslas have fluctuated lately as the demand for these cars has declined and more and more companies have produced similar vehicles.
In the first quarter of 2024, only 269,000 electric vehicles were sold in America. While this is a 2.6% increase in comparison to 2023, it was a 7.3% decrease from the final quarter of 2023. Additionally, Teslas market share in the industry has decreased, peaking at 62% in early 2023 to now only 51% in early 2024. Musk recently had to announce that he would be cutting 10% of his workforce in order to prepare for the shifting changes in the market.
Tesla is not the only automotive company suffering from slowing sales in early 2024. The company Subaru experienced a 15% drop in sales in terms of its electric vehicle sales. Volkswagen saw a 36% drop in electric vehicles, and Chevrolet experienced a staggering 55% drop. Volvo suffered a 63% decline, and Mazda , who had discontinued an electric vehicle it was offering at the end of 2023, saw a 100% drop, which of course is obvious. Time will tell what becomes of the electric vehicle market as more competition occurs each day.
